💰 There is strong selling pressure at the $66,000 to $67,000 range.

I anticipate it will drop back to around $59,000.

🆘🆘🆘 $200 million+ outflow from MicroStrategy wallet

@News_Crypto | link

💰 Bitcoin fell from $69,000 as expected to $59,000. During this drop, the highest selling volume in the last two years was recorded, and the market cap of BTC ETFs decreased by $54 billion to $50 billion.

This is a clear indication of bearish sentiment. Additionally, some of the long-term holders from 2010 took profits at $69,000, according to Glassnode.

If bitcoin falls below $59,000, there could be another wave of "Cascading Liquidations" down to $50,000 due to high leverage positions, early investors taking profits, and selling pressure from ETFs.

💰 Short-term holders, investors who have held Bitcoin for less than 155 days, transferred 65,000 Bitcoins in profit to exchanges on Mar. 6.

According to data from Glassnode, this marks one of the highest amounts of profit sent in Bitcoin terms in the past five years.

Closing above the highs might take longer time.

⚡️⚡️⚡️BREAKING: Blackrock CEO Larry Fink on live TV:

"If you're in a country where you're fearful of your future, fearful of your government of you're frightened that your government is devaluing its currency by too much deficits, you can say this is a great potential long term store of value. 💰"

@News_Crypto

💰 Another attempt to close the weekly candle above the previous ATH of $64,900 has failed, marking the fourth failed attempt.

If we successfully close a weekly candle above the ATH consider approx $70,000, we can expect a 20% increase in price. Otherwise 20% dump.

Historically, Buying after a Successful breakout above the previous ATH has led to big price increase.

💰 Days it took #Bitcoin to double after previous breaks of all-time highs:

March 2013: 18 days
Nov 2013: 10 days
March 2017: 84 days
Dec 2020: 18 days

@News_Crypto

💰 Bull Market Max and Average Correction :

2010-11: -51.28% | -18.41%
2012-14: -70.28% | -21.71%
2015-18: -32.93% | -10.93%
2018-21: -60.24% | -19.39%

2023: -19.11% | -5.47%.

In the current Bitcoin bull cycle, the market has witnessed relatively minor corrections, attributing to ETF buying pressure and hype so far.

💰 After the weekly candlestick closes above the previous ATH, we observed parabolic price action.

Currently, the weekly candlestick is trading above the previous ATH, but it hasn't closed yet.

If it closes above the previous ATH => Parabolic Move 📈
(Historically, this has been a good buy)

However, if it closes below the previous ATH => Major Correction 📉